Coinbase Global’s (COIN) Buy Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities restated their buy rating on shares of Coinbase Global (NASDAQ:COIN) in a research note published on Tuesday,Benzinga reports. They currently have a $240.00 price objective on the cryptocurrency exchange’s stock.

Other equities analysts have also issued research reports about the company. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $208.00 price target on shares of Coinbase Global in a research report on Wednesday, June 17th. Cantor Fitzgerald restated an “overweight” rating and set a $250.00 price objective on shares of Coinbase Global in a research note on Wednesday, June 17th. The Goldman Sachs Group lifted their target price on shares of Coinbase Global from $226.00 to $228.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. Rothschild & Co Redburn upped their target price on shares of Coinbase Global from $254.00 to $263.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. Finally, Compass Point reiterated a “sell” rating on shares of Coinbase Global in a report on Monday, June 1st. Eighteen investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $233.61.

Coinbase Global Price Performance

Shares of NASDAQ COIN opened at $163.58 on Tuesday. The company has a 50 day simple moving average of $164.00 and a two-hundred day simple moving average of $181.97. Coinbase Global has a fifty-two week low of $139.18 and a fifty-two week high of $402.16. The company has a market capitalization of $43.10 billion, a price-to-earnings ratio of 61.50, a P/E/G ratio of 10.30 and a beta of 3.35. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.14 and a current ratio of 2.14.

Coinbase Global (NASDAQ:COIN) last posted its quarterly earnings results on Thursday, May 7th. The cryptocurrency exchange reported ($1.49) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($1.55). Coinbase Global had a return on equity of 4.16% and a net margin of 12.20%.The company had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter in the previous year, the company earned $0.24 EPS. The business’s quarterly revenue was down 30.5% on a year-over-year basis. Analysts expect that Coinbase Global will post 1.42 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Frederick R. Wilson sold 10,000 shares of Coinbase Global stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $159.09, for a total value of $1,590,900.00. Following the completion of the sale, the director directly owned 20,000 shares in the company, valued at approximately $3,181,800. This trade represents a 33.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Paul Grewal sold 1,960 shares of the business’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $176.88, for a total value of $346,684.80. Following the completion of the transaction, the insider directly owned 84,753 shares of the company’s stock, valued at approximately $14,991,110.64. This trade represents a 2.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 30,627 shares of company stock valued at $5,327,841 over the last quarter. Corporate insiders own 16.66% of the company’s stock.

Institutional Trading of Coinbase Global

Large investors have recently made changes to their positions in the stock. Norges Bank purchased a new stake in Coinbase Global in the fourth quarter worth approximately $656,744,000. Capital World Investors grew its position in Coinbase Global by 847.2% in the 4th quarter. Capital World Investors now owns 1,536,534 shares of the cryptocurrency exchange’s stock worth $347,472,000 after purchasing an additional 1,374,318 shares during the period. Ruffer LLP purchased a new stake in Coinbase Global during the 4th quarter valued at $166,515,000. Southpoint Capital Advisors LP purchased a new stake in Coinbase Global during the 1st quarter valued at $104,766,000. Finally, Janus Henderson Group PLC raised its stake in Coinbase Global by 2,597.8% during the 4th quarter. Janus Henderson Group PLC now owns 549,304 shares of the cryptocurrency exchange’s stock valued at $124,221,000 after buying an additional 528,943 shares during the last quarter. 68.84% of the stock is currently owned by institutional investors.

Key Stories Impacting Coinbase Global

Here are the key news stories impacting Coinbase Global this week:

• Positive Sentiment: Coinbase captured a record 10.3% share of global crypto trading volume, up from 9.1% in the first quarter, indicating that it is gaining market share even as overall industry activity weakens. The company also highlighted growth in derivatives, stablecoins, tokenized finance, prediction markets and subscription services. Coinbase Q2 results and record market share
• Positive Sentiment: A Manhattan federal judge dismissed much of a customer lawsuit alleging Coinbase illegally sold unregistered securities, including claims involving matched customer transactions. The ruling could reduce legal exposure, although remaining claims may still create risk. Coinbase customer lawsuit ruling
• Neutral Sentiment: Management is lobbying for the Senate’s CLARITY Act, which could establish clearer crypto-market rules and potentially make it easier for Coinbase to expand products and attract institutional and retail customers. Passage and timing remain uncertain. CLARITY Act implications for Coinbase
• Negative Sentiment: Coinbase reported a GAAP net loss of $359.5 million, or $1.36 per diluted share, versus analysts’ expected loss of roughly $122 million, while revenue fell 18.5% year over year to $1.22 billion, below estimates near $1.29 billion to $1.31 billion. This marked the company’s third consecutive quarterly loss and its third straight revenue and earnings miss. Coinbase third-quarterly loss report
• Negative Sentiment: Lower spot-crypto trading volumes and subdued market volatility reduced transaction revenue and outweighed gains in subscription and services revenue. The results raise doubts about whether Coinbase can quickly diversify beyond its traditional exchange business.

About Coinbase Global

Coinbase Global, Inc is a U.S.-based company that operates one of the largest cryptocurrency exchange platforms. Founded in 2012 by Brian Armstrong and Fred Ehrsam and headquartered in San Francisco, Coinbase provides technology and infrastructure to buy, sell, store and use a broad range of digital assets. The company became a public company through a direct listing on the NASDAQ in April 2021 and offers services tailored to both retail and institutional customers.

Coinbase’s product portfolio includes its consumer trading platform, a self-custody mobile wallet, and institutional services such as custody, prime brokerage and execution tools.